Cascadia Minerals Ltd. closed its previously announced purchase of the Byng and Mars properties from Strategic Metals Ltd. The Transaction involves the acquisition by Cascadia of the Byng Property and the Mars property in southern Yukon. The Byng Property comprises 90 claims, and the Mars Property comprises 93 claims. Pursuant to the Transaction, Strategic has been granted a 2% NSR in respect of the Properties. Cascadia has the option to purchase half of the NSR Royalty for $2 million.
The Mars Property is subject to a pre-existing royalty on the DDH 1-16 claims, granting Allan Doherty a 1% NSR on all production from these claims. The total consideration for the purchase was: $125,000 in cash; and 500,000 Cascadia shares valued at $0.25/share. The Consideration Shares are subject to a four-month hold period which ends on July 25, 2026. There were no finder's fees payable in respect of the Transaction.
The Transaction was a Non-Arms Length Transaction and is a Reviewable Transaction under TSX Venture Exchange policies as Strategic and Cascadia share a common director, Bruce Youngman. Mr. Youngman was not involved in the negotiation or approval of the Transaction. The Transaction is not a Related Party Transaction subject to TSX Venture Exchange Policy 5.9 or Multilateral Instrument 61-101.
